To:Ohio Housing Finance Agency

Independent Accountants’ Report

Date:

To:Ohio Housing Finance Agency

Office of Planning, Preservation & Development

57 East Main Street

Columbus, Ohio 43215

and

(the “Owner”)

Re:OHFA Tracking Number #

WehaveexaminedtheaccompanyingCarryover Cost Certification(“Exhibit”) of theOwnerfor(the“Project”)asof,,20. Exhibit is the responsibilityof the Owner and the Owner’s management. Ourresponsibilityisto express an opinion on Exhibit based on our examination.

Our examination wasconductedinaccordancewithattestationstandardsestablished by the American Institute of Certified Public Accountants and, accordingly, included examining,on atestbasis,evidencesupporting Exhibit and performing such other procedures as we considered necessary in the circumstances. Webelieve that our examination provides a reasonable basis for our opinion.

TheaccompanyingExhibitwaspreparedinconformity withtheaccounting practicesprescribedby theInternalRevenueServiceundertheaccrualmethodof accountingandby theOhio Housing FinanceAgency (“OHFA”),whichisa comprehensive basis of accountingother than generallyaccepted accountingprinciples.

The 10% Test includes an estimate prepared by the Owner of total development costs and reasonably expected basis, as defined in Treasury Regulation Section 1.42-6. We have not examined or performed any procedures in connection with such estimated total development costs and reasonably expected basis and, accordingly, we do not express any opinion or any other form of assurance on such estimates. Furthermore, even if the Project is developed and completed there will usually be differences between the projected and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report.

Inouropinion,Exhibit referred to above presents fairly, in all material respects, costs incurred for the Project as of,,20, on the basis of accounting described above.

InadditiontoexaminingExhibit,wehave,at your request, performed certain agreed-uponprocedures,asenumeratedbelow,withrespecttotheProject. Theseprocedures, whichwereagreedtoby theOwnerandOHFA,wereperformedtoassistyouin determining whether the Project has met the 10% test in accordance with Internal RevenueCodeSection42(h)(1)(E)andTreasury RegulationSection1.42-6. These agreed-uponprocedureswereperformedinaccordancewithstandardsestablishedby the AmericanInstituteofCertifiedPublicAccountants. Thesufficiencyoftheseprocedures issolelytheresponsibilityofthespecifiedusersofthereport. Consequently,wemakeno representationsregardingthesufficiencyoftheproceduresbeloweitherforthepurpose for which this report has been requested or for anyother purpose.

Weperformed the followingprocedures:

•Wecalculated,basedonestimatesoftotaldevelopmentcostsprovidedby theOwner, theProject’stotalreasonablyexpectedbasis,asdefinedinTreasury Regulation Section 1.42-6, to be $ as of ,,20.

•Wecalculatedthereasonably expectedbasisincurredbytheOwnerasof,20 to be $.

•WecalculatedthepercentageofthedevelopmentfeeincurredbytheOwnerasof,,20 to be % of the total development fee.

•Wecomparedthereasonablyexpectedbasisincurredasof,,20tothe totalreasonably expectedbasisoftheProject,andcalculatedthat%hadbeen incurred as of ,,20.

•WedeterminedthattheOwnerusestheaccrualmethodofaccounting,andhasnot includedany constructioncostsincarryoverallocationbasisthathavenotbeen properlyaccrued.

•Basedontheamountoftotalreasonablyexpectedbasislistedabove,fortheOwnerto meetthe10% test in accordance withInternal Revenue Code Section 42(h)(1)(E) and Treasury RegulationSection1.42-6,wecalculatedthattheProjectneededtoincurat least$ofcostspriorto,,20. As of ,,20, costs of atleast$hadbeenincurred,whichisapproximately .%ofthetotal reasonablyexpected basis of the Project.

We were not engaged to, and did not,perform an audit of the Owner’s financial statementsoroftheProject’stotalreasonablyexpectedbasis. Furthermore, even if the Project is developed and completed there will usually be differences between the projected and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Accordingly,wedonot expresssuchanopinion. Hadweperformedadditionalprocedures,othermattersmight have come to our attention that would have been reported to you.

Thisreportisintendedsolely fortheinformationanduseoftheOwnerandtheOwner’s managementandforfilingwithOHFAandshouldnotbeusedby thosewhohavenot agreedtotheproceduresandtakenresponsibility forthesufficiency oftheproceduresfor their purposes.

,,20